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20130131
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we're worth?alison kosik haa the mmin factors that go into determmninggsomeone's pay. pay. 3 $775 ollarss--thatt as the 3& americcns in 2012.but how is that iguree out?a lot off &pfactorssgo into it. one of the biggest, is education.the higher the degree, the bigger the paycheck. heebureau of labor statiitics says the median weekky earnings for someene without a high school diploma issjust under $500 ddllars. those with a diplomaa takeehome almost $650 a week -- while thooe who are unnversity thoosand. not only that, but the more eddcation you have, the more likell you areeto have a job.employers are clearly willing to pay morr for more expertise.the & iidussry you work innis another big factor in determining the siie of yoor salary. wages in the service sector tend to be at the lower end of the scale -- workers in home a little less than 500 a week . those with office aad construction jobssfind &pthemselves in the middle of the scale. the big buuks can & be foond in management and thee &business sector.and while it's no secret men make more thhn
down the numbers and alison kosik is getting an earful from americans inside a new york diner, let's bring with brianna. does the white house expect the house of representatives to take up this measure today and do they think it's going to pass? >> reporter: they certainly think or they're prepared for that and obviously that's the hope, they want -- the president said yesterday or i would say overnight in a statement he wants the house to act without delay. there's a couple of possibilities here, though, joe. first off speaker boehner needs to take the deal that was struck and passed in the senate and needs to see where his house republicans stand on this. of course i think the expectation is that if he were to put it to a vote in the house it would pass, there would be democratic support for it and there would also be some republican support. the question, is there enough republican support as it is right now to just put it up for a vote. republicans may look at it and say we want to change some things, make it more to our liking so they could propose some amendments. it's possib
suit. alison kosik is at the new york stock exchange with boeing's coming financial woes because i don't think it can help it at this point. >> right now what it is bad news for boeing in the short term, carol, you look at what the stock did. investors are taking it on the chin, the stock taking a hit yesterday on this news that all nippon airways and japan airlines grounded its dreamliners. now shares of boeing are down 2% in the premarket so that's piling on that sort of taken on the chin effect. this is really the biggest setback for the new planes that began flying back in late 2001, but this is a plane that's really endured plenty of issues before. aviation experts believe the long-term fallout is limited. boeing says they are confident the 787 is safe and saying we stand behind its overall integrity. we will be taking every necessary step in the coming days to assure our customers and the traveling public of the 787's safety and to return the air planes to service. all of the dreamliners, carol, that were in service, all 50 of them are no longer flying. boeing has over 800 firm o
. there will be consequences." we're covering all the angles and alison kosik shows us how investors are reacting to the crisis that has been avoided at least for now and christine romans gets out the magnifying glass and exposes some of the pet projects that are getting huge amounts of your tax dollars. so let's now take a look at some of the big winners contained in the fine print. first up, hollywood, $430 million in tax breaks to foster tv and film production in the u.s. also cashing in, railroads to the tune of $331 million. the tax credit is tied to maintenance of the tracks. puerto rico and the virgin islands, listen to this, they'll see more than $220 million in tax dollars returned, they were collected on rum produced there, and imported to the mainland. and that iconic american sport nascar racing will get a windfall of $70 million. christine romans is here to break it down for us. christine, these sorts of business incentives are not new, but what's the argument for providing them and putting them in this bill? >> well, i mean one man's pork is another man's job creator, right? the point here is tha
? >> alison kosik reporting live from new york city this morning. >>> we're hearing about possible new gun measures being considered by joe biden's task force established after the sandy hook shootings. what, if any, new gun laws should be passed? it's our talk back question today. facebook.com/carolcnn. or send me a tweet. >>> now is your chance to talk back on one of the big stories of the day. the question for you this morning, what, if any, new gun laws should be passed? we're getting our first glimpse into what the white house may propose in terms of gun legislation. according to "the washington post," joe biden and his task force are considering reip st e reinstating the ban on assault weapons and high capacity magazines, requiring universal gun checks for gun buyers, establishing a national gun sale database, strengthening mental health checks, imposing stiffer penalties for carrying guns near schools or giving them to minors. wow, ideas, something to talk about. forget that. already, nra-backed lawmakers are shooting down the administration's approach. >> i think you need to putte
unexpected. alison kosik is at the new york stock exchange with what this means. >> carol, we expected lousy, we certainly didn't expect this lousy and there are three big reasons, the economy contracted or took a step back during october, november and december of last year. for one, government spending plunged and that's mostly because of a pullback in defense spending. also, there were fewer exports. europe is a huge factor in that, just this week, we learned that growth in spain and the uk is also contracting and that means europe is buying less stuff from us. third, business inventories dropped and that means companies bought less stuff from manufacturers to put on their shelves, the fiscal cliff is likely a big factor in this. spending cuts caused a lot of businesses and the government to pull back and this is a big deal, carol because it's the first time since 2009 that we've seen the economy contract. >> all right, alison kosik reporting live from the new york stock exchange. >>> we're hearing a lot from this year's super bowl contenders about faith and god. does god play a role in wh
of uuerstormm noon... to be sworn in. plthough a deal was reached... paying hhiher taxxs in 2013. 3alison kosik has more on how much weewill see miissng from our paychecks. 3 congress didn't raise income in this week's fiscal mmst of &pthe nation's 166 million workees will still be taking home maller pay checks thii yeer. payroll ttx cut expired on monday. so now, workers are paying two--eerent more in the payrool tax -- social seccriiy -- was temporarily lowered tt six-point-two percent. and the &pidea here workers a little extra money inntteirr ppychecks, in he economy. but now that the economy is doing congress is trying o get spendinggin check, the payroll tax returns to six-so here's payroll ttxes this year. n -3rs& reduction in pay oona bi-weekly payyheck. and the bigger the paycheckk the bigger the bite. $100,000 will year. the concern is, could affect people's ssendiig conccrns about and tax hikes. and this caused hooiday shoopers toopull back a bit. &new york. 3for the fifth year n a row... waahington d-c is the country'ssnumber one city... for people moving in.thh "united van lin
. alison kosik at the new york stock exchange. alison our investors taking the addition of 155,000 jobs as good news for bad news? >> it's more like eh. investors are seeing it as it's not good, it's not bad either. stock futures right now are sitting pretty much flat to slightly, they were sitting flat to slightly lower before the report but as soon as the numbers came out the dow went up 20, not a huge response, a few reasons why for this. you look at that 155,000 figure, it's about what everybody expected. some were hoping for better after yesterday's strong adp report but overall this is what pretty much people expected. now, what's interesting when you look at this report, a lot just hasn't changed from november to december and the same goes for the year. you look at how many jobs were added in 2012. it's about the same as 2011, 1.8 million jobs were created in 2012 and 1.8 million jobs were created in 2011, so it's flat there. you see the jobs market really just moving sideways. the unemployment rate for december didn't change from november, the number of people unemployed, that d
, americans who are a bit groggy from last night, are waking up to the news and having weighing in. alison kosik has been out sampling some of that opinion. what are people saying? >> reporter: you know what's interesting about being in a diner, we're at the tick tok diner. pretty fitting considering we're moving against a clock as far as the fiscal cliff goes. i can go from table to table, i can say two words and fiscal cliff and it opens up the flood gates of opinion. i know you have an opinion on how these negotiations have been going. >> they are not going anywhere. they have had two years to work on this. if i had two years to work on a project and didn't meet a deadline, i would be fired. they are all having lunch. they are not working. i want to see something really working like the rest of us. >> reporter: the legislation that's on the table from the senate have you seen it? what do you think about it? is it enough considering that lawmakers have had a long time to get ready for this deadline? >> they haven't said anything concrete that we can hold on to. there's everybody is sayin
-- there will be enough winns this yeaa.alison kosik is in new kork to dispell the rumor that there's a chicken ssortage right bbfore the superrbowl. 3 3 chicken wings have become a 3 -- according to the national chicken council, morr than a biilion ings will be consumed duringg nxt week's game.that's why talk of a chickennwinn shorrage has left some &pamericansspanicking.but the council is settinggthe record & straiggt. superrbowl sunday wing connumption will be down about 1% this year --that's - because chicken companies produced aaout percenn less poultry last yearr partially because of last summer's prought.the ddought conditions & caused corn and feed prices oo pise which mmans fewer birds were produced. nd with a smaller supplyy you can expect chicken wings to e a bii more all oon ii ii's wings reportt by sayyng, " a chicken haa two wings, and chicken commanies are not able to produce wings withoot the rest of the chicken...when the demand for wings is stronger than the -3 demand for other chicken parts, the price of inns will go up, as it has his p
that saved its bottom line cheated shareholders. alison kosik is at the new york stock exchange. seriously? >> seriously, yes. thanks for nothing, right? so the former ceo of aig, his name is hank greenburg spearheading the lawsuit against the u.s. he alleges the company's value was alluded in 2008. greenburg wants $25 billion in compensation from the government. the new york fed pointed out to "the financial times" that aig did have a choice, take the bailout or go bankrupt. that was really the choice that was there but that would have been catastrophic for the economy, which was already in bad shape and getting worse. star international, that's the company controlled by hank greenburg owns about a 9% stake in aig and gives it the power to force aig to consider this suit. aig's current ceo, robert mochier issued a statement saying aig paid back its debt to america with a profit and we mean it when we say thank you to the american people. at the same time the board of directors has fiduciary and legal obligations to the company and its shareholders to consider the demands served on us and
if you pay with plastic and almost every state in america you're going to get hit with it. alison kosik is at the new york stock exchange. what is this and how much is it? >> let me start from the beginning with this, carol. it stems from a $7 billion settlement that happened between the people who issue the credit cards and millions of retailers. in this settlement, basically settled allegations that visa, mastercard and big banks were fixing what's known as swipe fees. that's the fee that businesses pay credit card issue is to process those transactions. credit card companies said, listen, we'll temporarily reduce the fees but the fact remains that someone still needs to pay it. hey, it could be you. merchants are now legally permitted to pass along that cost to consumers. it winds up usually be about 1.5% to 3% of your total purchase. you will be able to so it on your receipt as a line item if you are charged that fee. but here's the thing with this. most businesses don't want to push this on to the consumer. they recognize how sensitive we are to these type of changes and could risk
. and our alison kosik rushed right to the scene. she's getting a handle on all of this. alison, i know this started to unfold about 9:00 this morning. that's a peak commute time. so what's the very latest? what were you able to find? >> reporter: just to let everybody know who doesn't live in new york, there are lots of way people commute into the city. some people drive, some people take the train, and some people take the ferry. this is a regular commute for a lot of people, especially in new jersey. this is called the "c" street ferry. this particular boat is out of high lanla highlands, new jersey, that provides high-speed service. it can go up to 44 miles per hour. this was expected to ashe here arrive around 8:45. around that time, one passenger told me that is when she remembers flying through the air and waking up to a woman shaking her, hoping that she was okay. we spoke to many passengers. many people saying a very similar story, that this boat suddenly just hit. listen to some of what they had to say. >> it was a sudden crash. everybody who was standing fell forward. and peo
romans live from new york and alison kosik in new york, hearing from folks in a diner. dana, you were up really late into the night, early into the morning here, there is more business to be done and we know at this hour involves the vice president. he's going to be meeting with democrats, house democrats. what do we expect will come interest that meeting? when do we think we'll get something from the house side? >> reporter: well, first of all, right, in 15 minutes the vice president is going to be here on capitol hill to meet with his fellow democrats, in or to sell the deal that he cut. he's going to try to convince particularly the more liberal members of the caucus, that they should vote for this. and that is a concern because talking to senior democratic lawmaker who knows kind of the atmospheric inside, they could lose 30 members of the liberal caucus. that's an important meeting. even more important meeting going to happen 45 minutes later, an hour from now, house republicans will get together. they're going to figure out how to go forward and if even going to tack a vote in the
wrapped up his trip to the country. alison kosik is at the new york stock exchange. >> this trip was shrouded in mystery but now at least we know the official reason why the google chairman was there, it was to further his agenda for internet freedom around the world. we are getting a few details of the trip. he met with students at kim il-sung university in the capital pyongyang where computer science students show off their web surfing skills. schmidt believes in the ability of the internet to empower citizens living under oppressive totalitarian governments. i bet he didn't pitch it that way on his trip but here is what schmidt said to some of his reporters in china. >> as the world becomes increasingly connected, their decision to be virtually isolated is very much going to affect their physical world, their economic growth and so forth and it will make it harder for them to catch up economically. we made that alternative very, very clear. >> now so it looks like he was trying to make it an economic appeal, carol, to the north koreans. he didn't meet with north korean leader
on social media. alison kosik is at the new york stock exchange to explain. good morning. >> good morning, carol. it's easy to get in trouble when you're on social media. what the national labor relations is doing is picking apart social media policies at companies. it's trying to refine its position and really laying out what's legal and what's not. let me start with an example from an actual social media policy from an unnamed company. employees are prohibited from posting information regarding the employer on any social networking site that could be deemed material nonpublic information. what the labor relations board said is this kind of restriction is not allowed because the issue is it limits an employee's right to discuss these issues at the workplace, to discuss them freely. also, the policy says the nlrb is just too vague. the labor relations board is even backing a number of employees who complained that they've been fired unfairly for violating their employer's social media policies. in fact, the board has even ordered that some people who lost their jobs, carol, because of wha
reported stronger earnings in the last quarter of 2012. alison kosik is here to tell us how good it it is. good morning. >> reporter: good morning, coral, ford posted a 54% rise in profit in the final three months of 2012 so that tops expectations. you look at sales especially in north america they jumped but europe continues to be a big problem for the company, in fact ford's operations there are actually posted a loss which when you think about it not so surprising when you consider the region, it's been dealing with the debt crisis for years now. the company has announced plant closings and job cuts to stem the bleeding in europe, which has hit the other major automakers as well, but we talk about this a lot when we talk about earnings, what everybody sort of looks at is what is going to happen going forward and because it's more important than what just happened and the outlook for ford at this point is very good even with issues in europe hanging over their heads. fort is expecting north american profits to continue to be strong especially with the new model of the f-150 coming out,
. that was 14,164. alison kosik, to you. you've been watching these numbers very, very closely today. and, of course, for those of us with the 401(k), this could be great news, right? >> oh, sure. i would say it is safe to go ahead and look at your portfolio at this point when you see the dow inching toward that 14,000 level. it is about 1.5% away, but it is getting close. we like to talk about the dow a lot. we should also notice the s&p 500. it is also getting close to its record high as well. so makes you wonder why. why is this happening? i'll give you two reasons. one, the federal reserve. what the federal reserve is doing is portion $85 billion each and every month, it is buying up mortgage-backed securities, it is buying treasuries. this is pushing interest rates lower. it is pushing bond yields lower so that means that investors aren't making such a great return on bonds so where is an investor to go? they're going to go into stocks where they're going to try and make more money. that's one reason why you're seeing these levels move up higher. a second reason, you're seeing the sm
because they can't afford to. alison kosik has more on just how many americans don't have paid sick days. you've probably already gotten the office memo - stay home from work if you feel sick. but as many as one in three americans can't take their bosses up on that offer - /ppbecause they don't have paid sick days./ppthe bureau of labor statistics says around 80% of full time workers get paid sick days while only 25% of part time workers do. /ppthat means almost 41 million americans can't afford to stay home when they're sick-- which puts everyone else at risk. /ppin fact, the american journal of public health says an additional five million people were infected with flu symptoms in 2009. mainly because they caught it from a co-worker./ppadd it all up, and the seasonal flu can get quite costly. /ppthe center for disease control estimates a typical flu season costs businesses about 9 to 10 billion dollars in direct costs. things like worker hospitalizations, outpatient and emergency visits, medication./ppand that doesn't even count indirect costs like lost productivity and sales./pp so wh
$1 trillion, a $1 trillion coin. alison kosik is at the new york stock exchange. i love this story even though it's not real but just fun. >> i hate to burst your bubble, not likely to happen but it is legal. let's play the what if game, has a little more room to run. we know the treasury department with mint and issue platinum bouillon coins. deposit it at the fed and the treasury could pay off its debts and we wouldn't have to deal with watching the catfight on capitol hill with dealing with the debt ceiling. paul krugman, the "new york times" columnist says it's a game mick but says in an op-ed that ran yesterday in the "new york times" says the trillion-dollar coin should be printed. we should sit down like serious people and deal with probably seriously. that may sound reasonable but if you've been living in a cave for the past four years, think twice about that. he specifically blames house republicans but both sides are gearing up for a fight on the debt ceiling. president obama said last week he won't negotiate and some republicans won't raise the debt ceiling without getti
. alison kosik is at the new york stock exchange. this sounds like music to my ears. tell us more. >> carol, what this does is create standards for what the bureau is calling a qualified mortgage. here is some of the criteria. if you are looking for a loan, you have to have enough income and assets to repay the loan. you have to show proof of employment, afford the monthly payment along with all associated costs of owning the home and that includes property, taxes and insurance. the lender has to consider other debts you have like student loans, car loans and credit card loans. it sounds like common sense stuff lenders should have been doing all along in case you are looking for taking out a loan. this starts on january 1st, carol. >> what happens to lenders that don't follow these rules? >> their feet could be held to the fire. borrowers can sue the bank if they give you a loan you can't pay back, only if you have an unqualified mortgage. the onus is on the bank to get a loan. if an unqualified borrower is approved. that cob the lender's fault. they could put themselves in legal jeopardy.
are in critical condition right now. alison kosik is live at pier 11 near wall street. certainly a very scary moment for the commuters coming into the financial district. >> reporter: what a scary ending to a ride that started in new jersey. this was a ferry that started at 8:00 a.m. out of the northern tip of new jersey and coming into here to lower manhattan. supposed to come in at 8:45. you can see where the ending happened. the huge gash in the hull is amazing. investigators are taking a look around including crime scene investigators. when the boat came in this is what the new york city transportation commission says happened. it appears that the boat tried to dock at a first dock, dock d and then missed it and hit it rather and then hit a second dock, a dock b and made what the commissioner calls a hard landing. if you talk to passengers they'll call it a crash landing. 57 people were injured, two critical. some of the passengers that we spoke with said they were flying through the air. one woman i talked with said she remembered only flying through the air and waking up on the ground a
start today. the markets skittish. alison kosik at the new york stock exchange. the reason people need to think about earnings four times a year it's like your kid's report card. this is your portfolio's report card. >> reporter: yeah, expectation here isn't terrific. watching for earnings to roll in after the closing bell today. this is for the months from october, november, december, 2012. already, some groups are coming out saying look at s&p 500 companies the broadest index, those concernings will rise 3.3% in the fourth quarter. it's not terrible. but it's not fantastic either, especially when you compare how earnings did from the fourth quarter of 2011 when earnings were up more than 8%. funny thing is, some are calling the fourth quarter kind of a throwaway quarter because there are too many factors going on. it's an earnings season that comes with a lot of excuses, that companies can use for showing weak results and that includes the impact of hurricane sandy and all of that caution ahead of the fiscal cliff. what you may wind up seeing the focus is going to be less on those he
were added last month. it sounds good, but, as alison kosik reports, the labor market is stagnant. >> reporter: the of the economy is adding jobs but that is only were the good news is. the jobs report showing that it added want hundred 55,000 jobs last month. the enough to keep up with population growth. unemployment rate state right in place with what the economists expected. the private sector was the bourse with health care, manufacturing growing. construction also picked up because of rebuilding after superstor storem sandy. despite that there plenty to worry about the of labor market is barely moving. this is the same growth from 2011-2012. wages are growing but not enough to keep up with a cost of living. still, 12 million people are not employed. the job market is just treading water. >>> alison kosik new york the economy is adding jobs, but that's about where the good news ends. the government's latest jobs report shows the u-s added 155,000 jobs last month. enough to keep up with population growth. and the unemployment rate held that's pretty much in line with what econo
have to deal with? alison kosik, gosh. >> just the little details, you know, like the spending cuts and debt ceiling debate. >> you're still the most adorable person on wall street, in my opinion. >> you know what's funny is there's one analyst who says congress has all right done the the debt limit -- the day they're rallies, but this is on the back of their minds. >> good to see you. happy new year. >>> how big a rally will we see? we'll keep an eye on the big boards, and we'll be right back. zinchts i'm the executive chef in new jersey. >> ear rick levine got off to a rocky start on the food network's "chopped," but the fact he showed up to compete defines resilience. >> the night before i had chemo radiation treatment and i had six to eight months to go. at that moment it was like a light bulb went off. it was, wow, look at the tunlts that i have. most people would give their soul to have what i have. >> eric survived the chopping block and won $10,000, but more importantly he's survived cancer five times. he was first diagnosed when he was 29 years old. >> after i had had cance
't last, perhaps. alison kosik is here with a market check. week two. give me the news. how are we doing today? >> stocks having a tough time picking up momentum today, despite, you know, 2013 getting off to a pretty good start. friday we saw the s&p 500 close at the highest level in five years s. the momentum going to stick around? investors are expecting a rocky month ahead. what will happen with the debt kreeling in a couple of months? anything like what happened during last summer's negotiations, and when, of course, the u.s. -- when the u.s.'s credit downgraded, we could be in for the roller coaster ride for the markets again. fourth quarter corporate earnings season begins tomorrow and investors are going to be paying close attention because the fourth quarter reports wrap up the year and investors of a clearest picture of how they did and whether or not the fiscal cliff anything to do with the company's results, as well. ashleigh? >> more of the fiscal cliffs, to come, as well. >> of course. >>> we also want to keep an eye on -- well, check out cnnmoney.com. we have constant repor
in sponsorship money given to the team by the u.s. postal service. cnn's alison kosik is looking into that part of the story. >> reporter: good morning, carol, this involves in the tens of billions of dollars. the postal service has been pretty quiet about how much money it was spending to sponsor the cycling team but documents that espn and "the wall street journal" got a hold of show the usps spent about $32 million between 2001 and 2004. the post office is not commenting but it does say it's following the situation closely. not all the money went into armstrong's pockets. it was used to finance the team's operations, this comes at a time when the post office could certainly use the money, when you think about it, just a drop in the bucket for the post office, reported a loss of almost $16 billion last year, coral? >> just to make clear this wasn't taxpayer money the postal service used to fund this team, is that right? >> right, that's exactly right. >> just wanted to make that clear. nike and anheuser-busch have also come after armstrong. what about those endorsement deals? are they done an
the latest version of its popular galaxy phone this march. alison kosik is at the new york stock exchange so is apple shaking? because we know what its earnings report was. >> apple is kind of quivering a little bit this morning. i tell you what that iphone 5 is going to back so passe, carol. get ready for the smartphone wars, they heat up this spring. there are reports samsung is going to be unveiling the galaxy s4 in late march, early april and the latest apple rumor is that the next version of the iphone could hit the street as early as june, either called the iphone 6 or iphone 5k. blackberry 10 coming out next week, expected to shake up the smartphone sales to businesses. the competition is getting fierce while apple is only getting a small piece of the smartphone pie. screen size is really going to become a key battleground on the consumer front. the gallon ax i-s4 will have a bigger screen on the s3 and apple could go for a bigger screen. possible explanation for why apple cut the number of screen orders for the iphone 5 so there are a lot of rumors out there but sometimes where there
alison kosik. she is in new york. what is going on here? >> what apple did after the closing bell, it released its report card, its earning report and apple can na can balancized itself. people bought more iphone 4s instead of the iphone 5. to put it in perspective, apple reported record profits and sold 48 million iphones in the recent quarter and 23 million ipaipads three months. wall street was unhappy with it. that's how the shares ended, more than 12% lower. the mantra, buy low, sell high. they wanted to take a profit before the higher capital gains taxes can kicked in at the beginning of the year. what's happening today is investors choosing to get out of the stock because competition is becoming more of a factor. there are these quality alternatives going strong these days. i'm talking about the tablet and the smartphone arena. it's getting crowded. what you're seeing is the average price is still around $700. a lot of people are still sweet on apple shares even though it plunged today, wolf. >> steve jobs died about a year and a half ago. what does all of this say about ti
in with alison kosik at the new york stock exchange. so, we saw -- i went in to a segment with christine romans and we were a little in the red and when we came out of the segment with christine romans, we were a little in the black. how's it going now? has it changed since then? >> it really hasn't changed much, and, you know, the reaction from wall street is just kind of ehh, one analyst characterized this jobs report as lackluster. another one says it's okay. the thing is just not a lot has changed and here's one example for you. you look at how many jobs were added in total for the year, for 2012, that was 1.8 million, the same number of jobs added in 2011. so, what you see, ashleigh, is this job market that's really treading water, not really moving forward much. also you look at any changes that may be happening between november and december to the december jobs report, the unemployment rate is unchanged. total number of people unemployed, that didn't change. the number of long-term unemployed, that didn't change. so, that kind of status quo, that's kind of what's playing out in the marke
and check in with alison kosik. yesterday, we had bad news about the gdp. and today, we may hit 14,000, what's going on? >> well, not to throw cold water on this whole dow 14,000, but i'll go ahead and do nap because i talked with one trader, carol, who says he's not optimistic that we'll hit that 14,000 mark anytime soon. he actually thinks stocks are going to pull back even more. remember, that's one opinion. tomorrow could be one deciding factor. that's where we're getting the monthly jobs report for january. if the gain is what's expected or more, you could see it catapult to 14,000. >>> "cnn newsroom" starts right now with ashleigh banfield. >> thank you very much, carol costello. nice for having you with us today. hi, everybody, i'm ashleigh banfield. it's 11:00 on the east coast. we've got a very busy hour. we want to start with you in alabama where a 5-year-old, special needs boy is still being held in an underground bunker by an old man whose got a gun. >>> and in washington, at this hour, president obama's pick for defense secretary is on the defensive. you're going to see all of t
, and yahoo messeeger. i'm alison kosik inn coming up... the stomach virus that has some experts on edde. the vitaa tips thht will help you overcome the virus. and... he big rally ffr the the place to send our heroes d - off the new orleans. you're waaching fox 45 morning neww.. all local.. all morrnig. 3 the "stomach bug" is preading again in the u-s.if someone you know is suffering from severe uppet stomach, iarrhea and fatigue, it ould be a case of "noro-virus".lisa syyvester explains whh this illness is a bit touuher than your standard flu. flu. the norovirus -- you might have heard of it efooe. there haveebeen several major ouubreaks on crrise hips in reccnt years. the norovirus --in llymanns terms - is a stomach bbg. we are at thhe height f a new season with a new strain.the norovirus is spread through food or drink that has been contaminated.you can also get it if you tooch a and then put your hand to your abbominal cramps, vomiting, it hits you all of a suddenne..- it's expllsive. "it'ssvery eppddmics of it. other than le cleaning the areas, there's not a wh
he althoogh a deal was reached... most americans will stiil be payyng higher taxes in 2013. alison kosik has more on how much we wiil see missing from our paycheccs. congress didn't raise income in this week's fiscallcliff deal, but most f the nntion's 160 illion workees will still be takingghome smaller pay checks this year. that's because the payroll ax cut expirrd on monday. so now,, more in payroll taxxs. the payroll tax -- which funds temporrrily lowerrd tt four- point-two percent in 2011, percent. and the idea here was to give workers a littleeextra money inntheir aychecks, in &pan effort to boost the pccoomy is doing better, and congress is trying to get spending in check, the payroll tax returns to six-point-two percent. so here's how that breakk down: orkers making $50,000 a year will pay an ppyrrll taxes this year. that'' a 38-dollar reduction in pay on a bi-weeklyy paycheck. and the bigger the payyheck, the bigger the bite. someone makiig $100,000 will pay an extra $2,000 dollars a yyar. the concern is, that reduction could affect people's spending habits. and the
me bring in alison kosik there for us at that pier in new york. alison, i heard your team just spoke with the president of the ferry company. what did they tell you? >> reporter: yeah, the president of the company said the captain who was at the controls has been with sea streak for ten years, that he is actually a senior captain, that he's concerned about these passengers who were injured in this -- in this crash because he knows a lot of them. he's been doing this for many years. you showed that picture before, but if a picture really tells a story, it really is that huge gash in the hull of the sea streak wall street. right now, on board, coast guard investigators are there, crime scene investigators are doing measurements, they're trying to figure out why this vessel crashed into the dock. if you ask the new york city transportation commissioner, this is how she puts it, she said it appears the ferry tried to dock at a first slip, missed it and actually wound up hitting it and then wound up hitting a second dock. and that is the sort of abrupt hit that these passengers are saying
next battle will be making sure another financial meltdown doesn't happen. alison kosik has more. >> reporter: the challenge, prevent another meltdown to the financial system. how? reform the way wall street does business. but the debate over wall street reform comes down to paperwork. regulation. president obama wants a lot of it. he says we need new rules and regulations put in place during his first term to hold wall street and the big banks accountable and protect consumer and the u.s. economy. >> after all we have been through, i don't believe that rolling back regulations on wall street will help the small businesswoman expand or the laid off construction worker keep his home. >> reporter: republicans in congress want to cut obama era and even bush era regulations which they dismiss as unnecessary red tape. two laws are at issue here. dodd-frank and sarbanes-oxley. dodd-frank is the signature financial reform of president obama's first term. it set up the consumer financial protection bureau to write new rules to prevent fraud and unfair lending practices and put limits on
. and some of that cash actually may be going to you. alison kosik live in new york. first, happy new year. i haven't seen you in a while. >> it has been. >> we're talking billions of dollars for americans who lost their homes to foreclosure. >> right. but keep in mind, this is a big headline, brooke, the $8.5 billion of the settlement. remember, it is being divied out to 4 million people. what this comes from is that scandal from a couple of years ago, banks were accused of rubber stamping f ining foreclo without rubber stamping the paperwork. so now some will be paying up. here are some of the details. what they're going to do is pay more than $3 billion in cash in payments to borrowers who were foreclosed on in 2009 and 2010 who shouldn't have been. and pay an additional $5.2 billion in noncash assistance, that includes loan modifications and help with short sales. the cash payments will range from just a couple hundred dollars, all the way up to $125,000 depending on what kind of service mistake was related to the foreclosure process. a payment agency will be appointed to work out these d
or doozies we were saying now done. alison kosik is live at the new york stock exchange. what are we expecting? >> reporter: pretty much exactly what you just said. the opening bell ringing in about an hour. this is going to be the first chance for u.s. investors to react to this measure passing, to the fact that we're going to go ahead and avoid these immediate tax hikes and spending cuts. so right now dow futures are pointing to a 200-point, are pointing higher by 200 points. that's going to be today. what's going to happen a week from now, it's a completely different story because of what's to come, the negotiations over spending cuts and over the debt ceiling, in fact one analyst telling me with the debt ceiling negotiations happening in about 60 days, the smart money knows the bullish sentiment will be short-lived with this analyst telling me the lesson for investors here is buyer beware. brooke? >> alison kosik we hear you loud and clear. thank you very much for us now from new york. >>> what about the rest of the world, the foreign markets have been open for hours so what are
reporting higher earnings before today's opening bell. alison kosik is digging in to those numbers for us, so let's start with goldman. >> okay, actually, let's start with jpmorgan. >> okay. >> because jpmorgan's going to catch your ear because i know you'll like that. you know that ceo jamie dimon had to take a huge pay cut, but besides that the company posted solid profits. jpmorgan made a profit of about $5.7 billion in the final three months of 2012, that's up more than 50% from a year ago. now, if you look at banks overall, they've actually outperformed the broader market in the last year. you look at what the kbw index is up 30% in 2012 compared to the s&p which was only up 13%. do you know what's driving the banks? the housing market recovery. certainly saw it with jpmorgan. new mortgages totaled $1.6 billion, up 60%. the company slashed the amount of mon it holds in reserves to cover bad loans which means credit conditions are improving. as for jamie dimon, he is paying the price for last spring's trade gone bad in london, the infamous london wale trade that cost the company more
. the country's debt, one of the big issues facing the president over the next four years. alison kosik is taking an in-depth look at how we got there and why it is important to do something about it. >> reporter: the challenge? taming the national debt. just a few steps from the billboards of times square is a billboard of a certain sort. the national debt clock. new york real estate developer seymour durst set up the first debt clock in 1989. >> when my father designed the clock, the debt was about $2 trillion. he would be shocked that we're at this number today. >> reporter: last year, the federal government spent $3.6 trillion, but it only took in $2.45 trillion in revenue. it borrowed the shortfall, about $1.1 trillion. that's the deficit. the accumulated annual deficits or shortfalls plus interest make up the national debt. that's more than $16 trillion today. the debt had run up under republican and democratic presidents and congresses. both have had opportunities to tackle it, but it's never politically palatable. president obama formed this simpson/bowles commission, headed by
down just a bit. we have been talking about that. alison kosik, let me go to you. let's begin here with jpmorgan. higher earnings, and a pay cut for the ceo. pay cut. how much are we talking? >> reporter: pay cut for jamie dimon. huge pay cut, 12 million bucks. he's paying the price for last spring's trade gone bad in london, brooke. these were trades making big bets on complex derivatives. they cost the company more than $6 billion, so the bank is cutting his total salary, which includes his bonus, to half. which means he'll get paid $11.5 million for 2012. i know it is not chump change. he made $23 million in 2011. as for the company, jpmorgan made a profit of $5.7 billion in the last three months of 2012. that's up more than 50% from a year ago. it was helped by the recovery and the housing market. brooke? >> what about goldman? how did they come back? >> reporter: goldman had a strong finish. goldman also benefitted from the housing recovery and credit conditions that are getting better. goldman booked a profit of almost $3 billion. that's actually triple from a year ago. and d
. that is helping to boost home sales to a five-year high. alison kosik joins us now from the new york stock exchange. allison -- allison, you would think that the prices would have changed. >> people have been waiting for the housing prices to hit a bottom. there's nothing like watching the housing prices hit a bottom and move back up as a motivator to get out there and buy a home. many people are looking to jump in and buy before they see those prices go any higher. it's that increased demand that's really adding to the rise in prices. plus, you've got those historically low interest rates that are out there. the average 30 year fixed mortgage rate is 3.66%. it was that in 2012. it's even lower than that now 36789.25%. you have that combined with the slow economic recovery. it's been just enough to move the needle on the housing recovery. also helping prices there is less inventory out there, as we're coming out of the economic crisis, fewer homes are in foreclosure, not sitting empty for months like they were. so when supply goes down, and demand goes up, you get the higher prices as well
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